Eric Nuttall’s TSX Picks for the Looming Oil Drought: Running on Fumes

As global supply buffers vanish and the Strait of Hormuz closure threatens refining networks, Ninepoint Partners' energy expert predicts a historic crude rally, and reveals the three Canadian producers poised to cash in.

Editorial Team (ET)May 19, 2026

The global energy market has been comfortably snoozing behind temporary safety buffers, but the alarm clock is about to ring with a vengeance.

According to Eric Nuttall, partner and senior portfolio manager at Ninepoint Partners, the world is sleepwalking into the worst energy crisis in history. With the Strategic Petroleum Reserve tapped out and the Strait of Hormuz anticipated to remain shuttered for months, the illusion of safety is rapidly dissipating. Nuttall forecasts an imminent supply deficit of seven to eight million barrels per second, a catastrophic shortfall that could fracture the global refining system by July 1. The only cure for this level of supply destruction is extreme price discovery. Nuttall predicts oil prices will inevitably blast past the US$150 per barrel mark, eventually settling at a massive medium-term floor of US$80 per barrel as the world attempts to rebuild the most depleted commercial inventories in history. Against this incredibly bullish backdrop, Nuttall sees a 50 percent or greater upside for his top Canadian oil picks.

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